Business
Half year results for six months ended 30 Jun 2019
Half year results for six months ended 30 Jun 2019.
About this update from Eurocell Plc
[{"type":"text","content":"\n \nRNS Number : 4647H Eurocell plc 01 August 2019 \n\n1 August 2019\n \nEUROCELL PLC (Symbol: ECEL)\nHALF YEAR REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2019\nRobust financial results - full year expectations unchanged\nEurocell plc is a market leading, vertically integrated UK manufacturer, distributor and recycler of innovative window, door and roofline PVC products\n \n\n\n\n\n \n\n\nH1 2019 \n(pre-IFRS 161)\n\n\n H1 2018\n\n\nChange\n\n\nH1 2019\n(Reported)\n\n\n\n\nKey financial performance measures\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue (£ million)\n\n\n136.3\n\n\n118.8\n\n\n15%\n\n\n136.3\n\n\n\n\nGross margin %\n\n\n51.1\n\n\n50.0\n\n\n110bps\n\n\n51.1\n\n\n\n\nEBITDA (£ million) (2)\n\n\n14.8\n\n\n14.2\n\n\n4%\n\n\n19.9\n\n\n\n\nProfit before tax (£ million)\n\n\n10.6\n\n\n10.5\n\n\n1%\n\n\n10.4\n\n\n\n\nBasic earnings per share (pence)\n\n\n8.8\n\n\n8.8\n\n\n-\n\n\n8.7\n\n\n\n\nInterim dividend per share (pence)\n\n\n3.2\n\n\n3.1\n\n\n3%\n\n\n3.2\n\n\n\n\nCapital investment (£ million)\n\n\n8.8\n\n\n3.1\n\n\n5.7\n\n\n8.8\n\n\n\n\nNet debt (£ million) (3)\n\n\n36.7\n\n\n16.4\n\n\n(20.3)\n\n\n69.4\n\n\n\n\nFinancial and Operational Highlights\n· Strong sales growth of 15% (10% on a like-for-like(4) basis)\n· Gross margin up 110bps, reflecting selling price increases and higher usage of recycled material\n· Overheads up 14% on a like-for-like basis(4), reflecting direct labour from higher production volumes\n· EBITDA up 4% (pre-IFRS 16)\n· Good progress with planned actions to improve operational efficiency\n- On track with investment in extrusion capacity - all new lines to be operational by the end of Q3\n- Investment in recycling capacity at Ecoplas now well advanced \n- Mark Hemming appointed Chief Operating Officer - joins the business in August\n· Stock build programme implemented to protect against Brexit-related raw material supply interruption, with c.£3 million added to finished goods in H1 2019\n· Pre-IFRS 16 net debt £36.7m (December 2018: £23.5m) includes substantially increased capital expenditure, stock build and the impact of growth \n \nMark Kelly, Chief Ex...